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Cell Banking Outsourcing Market Size, Share, Growth & Trends 2024-2033 | Key Players & Outlook
Cell Banking Outsourcing Market Size
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According to The Business Research Company's, The cell banking outsourcing market size has grown rapidly in recent years. It will grow from $9.76 billion in 2023 to $11.19 billion in 2024 at a compound annual growth rate (CAGR) of 14.7%. The growth in the historic period can be attributed to the rise in the prevalence of chronic diseases, the increased number of government initiatives, regulatory support and guidelines, and the increase in the establishment of banking services.
The cell banking outsourcing market size is expected to see rapid growth in the next few years. It will grow to $19.51 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%. The growth in the forecast period can be attributed to rising adoption of cellular products, growing demand for monoclonal antibodies, increasing adoption of stem cell therapies, rising geriatric population, and growing dependency on cell-based therapies. Major trends in the forecast period include product innovations, technological advancements, investments in research and development, and the collaboration between biotech companies and specialized cell banking services.
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Market Drivers and Trends:
The increased demand for reliable electrical and telecommunication networks is expected to propel the growth of the cable fault locator market going forward. Electrical and telecommunication networks encompass the interconnected systems enabling the transmission of power and communication signals, crucial for modern infrastructure and connectivity. The demand for reliable electrical and telecommunication networks is escalating due to the expanding reliance on interconnected systems for seamless communication and uninterrupted access to power, essential for modern living and business operations. A cable fault locator is used in electrical and telecommunication networks to precisely identify and locate faults or breaks in cables, facilitating efficient repair and maintenance. For instance, in March 2024, according to the Organization for Economic Co-operation and Development (OECD), a France-based broadband statistics organization, mobile broadband subscriptions increased by 56% from 2020 to 2023. Moreover, mobile subscriptions increased by 4.6% over 2022, reaching a total of 1.8 billion as of 2023, up from 1.74 billion in 2022. The increased demand for reliable electrical and telecommunication networks is driving the growth of the cable fault locator market.
Major companies operating in the cell banking outsourcing market are focusing on developing technologically advanced solutions, such as single-cell potency characterization platforms, to provide precise and detailed analysis of individual cell potency. A single-cell potency characterization platform is a sophisticated technology or set of methodologies designed to assess and measure the potency and functional capabilities of individual cells within a cell population. For instance, in January 2024, Cellply Srl, an Italy-based biotechnology company, launched VivaCyte, its flagship product and an end-to-end single-cell potency characterization platform that integrates potency analysis and immunophenotyping to streamline cell therapy research and development. VivaCyte is a fully automated, standalone platform with single-cell resolution, designed to reduce development times, costs, and risks by characterizing the complex functionality and mechanism of action of potential cellular immunotherapies rapidly and comprehensively. This platform enables rapid testing of multiple cell therapy candidates from various process options against multiple target tumor cells, providing reproducible immune cell characterization and single-cell functional characterization in a fraction of the time needed by existing analytical tools.
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Major Key Players of the Market:
Labcorp Drug Development, SGS Life Sciences, Lonza Group Ltd., WuXi AppTec, Charles River Laboratories, Sigma-Aldrich Co. Ltd., Covance Inc., Global Stem Inc., LifeCell, Cryoviva India, Sartorius AG, Bio Reliance, CordLife, Reliance Life Sciences, Cryo-Cell International Inc., Toxikon Corp., Cleancells, Clean Biologics, Texcell, PX'Therapeutics SA, Goodwin Biotechnology Inc., Transcell Biolife Pvt Ltd, Perfectus Biomed Limited, BioStorage Technologies Inc.
Cell Banking Outsourcing Market 2024 Key Insights:
• The cell banking outsourcing market size is expected to see rapid growth in the next few years. It will grow to $19.51 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%.
• Driving Growth Of Cell Banking Outsourcing Market Amid Rising Burden Of Chronic Diseases
• Innovative Single Cell Potency Characterization Platform Revolutionizes Cell Therapy Research
• North America was the largest region in the cell banking outsourcing market in 2023
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